Goldman Sachs Increases Alcoa Price Target to $20.00 (AA)
Investment analysts at Goldman Sachs increased their target price on shares of Alcoa (NYSE:AA) from $17.00 to $20.00 in a note issued to investors on Tuesday. The firm currently has a “buy” rating on the stock. Goldman Sachs’ price target would suggest a potential upside of 17.58% from the company’s current price.
In other Alcoa news, EVP Robert G. Wilt unloaded 11,458 shares of the stock on the open market in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $17.07, for a total value of $195,588.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Alcoa (NYSE:AA) remained flat at $17.01 during trading on Tuesday. 2,789,961 shares of the company’s stock traded hands. Alcoa has a one year low of $7.68 and a one year high of $17.22. The stock has a 50-day moving average of $15.33 and a 200-day moving average of $13.18. The company’s market cap is $20.009 billion. Alcoa also saw a large decline in short interest in July. As of July 15th, there was short interest totalling 62,011,832 shares, a decline of 9.9% from the June 30th total of 68,818,739 shares. Approximately 5.3% of the company’s stock are sold short. Based on an average daily volume of 21,456,783 shares, the short-interest ratio is presently 2.9 days.
Alcoa (NYSE:AA) last posted its quarterly earnings results on Tuesday, July 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was down .2% on a year-over-year basis. Analysts expect that Alcoa will post $0.60 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, August 25th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Wednesday, August 6th.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Alcoa in a research note on Tuesday, July 15th. They now have a $17.00 price target on the stock. Separately, analysts at Macquarie raised their price target on shares of Alcoa from $10.00 to $11.00 in a research note on Thursday, July 10th. Finally, analysts at TheStreet upgraded shares of Alcoa from a “hold” rating to a “buy” rating in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $15.33.
Alcoa Inc (NYSE:AA) is engaged in lightweight metals, products and solutions.
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